Biofourmis raises US$5 Million in Series A financing from NSI Ventures and Aviva Ventures

Biofourmis, a Singapore-headquartered digital HealthTech company founded in 2015, announced today it has raised US$5.0 million in a Series A round of funding from NSI Ventures and Aviva Ventures, the strategic corporate venture arm of international insurer, Aviva plc. Biofourmis has also entered into a collaboration with Mayo Clinic, which would enable the company to access de-identified healthcare data from clinical trials and Mayo’s expert medical insights.

Biofourmis has developed a highly sophisticated health analytics platform called biovitalsTM, which uses Artificial Intelligence (AI) to integrate and analyze continuous physiology data from clinical grade wearables and to detect personalised patterns that can predict a patient’s health deterioration.

This AI-empowered continuous monitoring platform alerts medical professionals to intervene days before a critical event. The dual-edged diagnostic precision and early-intervention could potentially result in improved health outcomes and lower healthcare costs.

Kuldeep Singh Rajput, Founder & CEO of Biofourmis, said, “The two words you would rather not hear at a hospital, are “Welcome back”, especially if you have just been discharged. Yet one in five patients in the US find themselves back in the hospital within 30 days after being discharged. When it comes to heart failure management alone, this phenomenon has cost the US healthcare system more than US$31 billion annually1. Research tells us, however, that if patients received proper care coordination post-discharge, it could save the system an estimated US$17 billion annually.”

“We’re excited to have NSI Ventures and Aviva Ventures on board. We look forward to leveraging NSI’s expertise and hands-on approach to help companies scale globally, and benefit from Aviva’s insurance expertise and ability to tap into their global customer base.”

Biofourmis will use the funding to scale its commercial operations to provide post-acute patient monitoring services and is preparing for the commercial launch of its Software as a Service (SaaS) platform, biovitalsTM.

Anvesh Ramineni, Director at NSI Ventures, a leading Singapore-headquartered venture capital firm, said, “We are very excited about working with Kuldeep and his team on their quest to address problems in the global healthcare industry. Biofourmis is a testament to the quality of talent and innovation emerging from the region. We are proud to be able to support such an innovative health- tech company and look forward to playing a role in Biofourmis’ success.”

Fernand Lendoye, Managing Director of Aviva Ventures in Asia, said, “Biofourmis is a great example of Aviva Ventures’ ideal of a new technology business that’s tackling a huge problem for customers and society with global implications, and has the ability to scale up. We are thrilled to partner with Kuldeep and his team, and look forward to combining their deep know-how in AI and healthcare with our technical insurance expertise to enable the shift towards dynamic personalised health and life insurance propositions.”

Meanwhile, Biofourmis’ collaboration with Mayo Clinic will enable the company to access de- identified, healthcare data from clinical trials and Mayo’s expert medical insights. Biofourmis and Mayo will collaborate on refining and validating a wearable biosensor-based diagnostic algorithms and alerts that integrates with the SaaS platform biovitalsTM to predict heart failure events.

Mayo Clinic has a financial interest in the company and technology referenced in this press release. Revenue Mayo Clinic receives from the activities described in this press release will be used to support its not-for-profit mission in patient care, education and research.

“It is a privilege to be working with Mayo Clinic, one of the leading cardiac centers in the US. Having analyzed over 100,000 patients’ data and achieving promising results from our initial pilot studies, we are fortunate to be partnering with leading stakeholders in the healthcare industry in Singapore, South Africa, Hong Kong and the US. We are backed by a very strong team of clinical doctors from reputed hospitals like Mayo Clinic, Massachusetts General Hospital and SingHealth,” Kuldeep concludes.